Political Quotes

“Madam Speaker, I rise in support of H.R. 3978, the TRID Improvement Act introduced by my colleague from Arkansas (Mr. Hill) and my colleague from Nevada (Mr. Kihuen). This important and overwhelmingly bipartisan legislation, which passed out of the House Financial Services Committee by a vote of 53-5, is a straightforward, commonsense solution that will help hardworking Americans buy a new home or refinance their existing home. Under the CFPB's misnamed ``Know before you owe'' TRID rule, those in the home buying or refinancing process may not actually know everything about the price they are going to pay before closing. Because of the TRID rule and the restrictions placed on the listing of discounted title loan insurance rates on loan estimates, consumers may see one title loan insurance price on their loan estimate and another on their closing form. The TRID rule creates unnecessary confusion, and this bill is a step in the right direction to reducing the burdensome and overreaching authority of the CFPB. I am proud to join this bipartisan effort, but I do wish that the CFPB had been more willing to work with the chorus of voices from both sides of the aisle calling for this change. The home buying experience is complicated enough as it is, and the rationale displayed by the CFPB discourages homeownership and levies unjust penalties for those Americans striving for the dream of homeownership.…”